ECARX Holdings Inc. (ECX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2025, filed Mar 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ECX SEC filings page.
ECARX Holdings Inc. (ECX) reported $847.9M in revenue for fiscal year 2025, up 9.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue is expanding, but falling gross margins and persistent cash outflows show scale has not yet produced a self-funding operation.
From FY2022 to FY2025, revenue expanded64.4% while gross margin contracted, yet operating margin improved to-6.5% ; the business is becoming more efficient after direct costs, not earning more on each sale. Operating cash flow was-$94.4M while financing supplied$203.9M , indicating that narrower accounting losses still have not translated into internally funded growth.
FY2025 liabilities reached
Lower SG&A and R&D relative to revenue helped narrow operating losses despite gross-margin compression, pointing to reduced overhead intensity rather than stronger unit economics. Reported liquidity equaled 22.9 months of the latest annual operating outflow, while free cash flow remained
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of ECARX Holdings Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
ECARX Holdings Inc. has an operating margin of -6.5%, meaning the company loses $6 on every $100 of revenue. This results in a profitability score of 27/100. This is up from -15.9% the prior year.
ECARX Holdings Inc.'s revenue grew 9.9% year-over-year to $847.9M, a solid pace of expansion. This earns a growth score of 72/100.
Not available for ECARX Holdings Inc., and counted as zero in the overall score.
ECARX Holdings Inc.'s current ratio of 0.59 is below the typical benchmark, resulting in a score of 6/100. This tight liquidity could limit financial flexibility if cash inflows slow.
ECARX Holdings Inc.'s operations used $94.4M of cash, and capex of $12.2M added to the outflow, for a free cash flow shortfall of $106.6M. This results in a cash flow score of 10/100.
ECARX Holdings Inc. scores -1.89, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($367.7M) relative to total liabilities ($945.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
ECARX Holdings Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
ECARX Holdings Inc. reported a net loss of $66.0M while operations used $94.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
ECARX Holdings Inc. reported an operating loss of $54.8M against $23.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
ECARX Holdings Inc. held $87.1M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
ECX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
ECX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q2'256-K | Q4'2410-K | Q2'2410-Q | Q4'2310-K | Q4'2210-K |
|---|---|---|---|---|---|---|
| Total Assets | $662.4M+28.8% | $494.9M-10.8% | $514.3M-14.4% | $555.0M | $601.1M-2.5% | $616.3M |
| Current Assets | $483.2M+25.1% | $385.8M-4.9% | $386.1M-16.6% | $405.5M | $463.2M-2.6% | $475.7M |
| Cash & Equivalents | $87.1M+96.9% | $86.2M-20.5% | $44.3M-44.9% | $108.4M | $80.3M-24.9% | $106.9M |
| Short-Term Investments | $31.2M+74.2% | $33.4M+75.9% | $17.9M-7.9% | $19.0M | $19.4M | $0 |
| Inventory | $62.3M+95.6% | $35.0M+43.5% | $31.9M+40.7% | $24.4M | $22.6M+18.7% | $19.1M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $60.6M |
| Long-Term Investments | $61.5M+2742.1% | $2.0M-93.4% | $2.2M-94.9% | $30.3M | $42.4M-40.3% | $71.0M |
| Goodwill | $3.7M+5.2% | $3.6M | $3.5M | N/A | N/A | N/A |
| Total Liabilities | $945.9M+25.8% | $790.2M+5.5% | $752.0M+4.7% | $749.0M | $718.6M+11.9% | $642.0M |
| Current Liabilities | $823.0M+17.8% | $733.0M+17.0% | $698.6M+17.7% | $626.4M | $593.7M+13.8% | $521.9M |
| Non-Current Liabilities | $122.9M+130.1% | $57.2M-53.4% | $53.4M-57.2% | $122.7M | $124.9M+3.9% | $120.2M |
| Total Equity | -$282.7M-17.9% | -$293.7M-48.0% | -$239.7M-84.7% | -$198.5M | -$129.8M-405.1% | -$25.7M |
| Retained Earnings | -$1.2B-5.9% | -$1.2B-19.8% | -$1.1B-19.7% | -$996.4M | -$939.5M-13.5% | -$828.0M |
Not reported in any period shown, so not listed: Long-Term Debt.
ECX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
ECX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Debt-to-Equity, Asset Turnover, FCF Margin.
Note: Shareholder equity is negative (-$282.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.59), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| ECARX Holdings Inc. ECX | FY2025 | $847.9M | -$66.0M | -7.8% | $367.7M | 21/100 |
| Solid Power, Inc. SLDP | FY2025 | $21.7M | -$93.4M | N/A | $474.6M | 64/100 |
| American Axle & Manufacturing Holdings, Inc. AXL | FY2025 | $5.8B | -$19.7M | -0.3% | $2.1B | 41/100 |
| Cooper-Standard Automotive Inc. CPS | FY2025 | $2.7B | -$4.2M | -0.1% | $367.5M | 29/100 |
| DOUGLAS DYNAMICS, INC. PLOW | FY2025 | $656.1M | $46.9M | 7.1% | $920.1M | 62/100 |
| Miller Industries, Inc. MLR | FY2025 | $790.3M | $23.0M | 2.9% | $588.8M | 36/100 |
Where ECARX Holdings Inc. Ranks
Frequently Asked Questions
What is ECARX Holdings Inc.'s annual revenue?
ECARX Holdings Inc. (ECX) reported $847.9M in total revenue for fiscal year 2025. This represents a 9.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is ECARX Holdings Inc.'s revenue growing?
ECARX Holdings Inc. (ECX) revenue grew by 9.9% year-over-year, from $771.5M to $847.9M in fiscal year 2025.
Is ECARX Holdings Inc. profitable?
No, ECARX Holdings Inc. (ECX) reported a net income of -$66.0M in fiscal year 2025, with a net profit margin of -7.8%.
What is ECARX Holdings Inc.'s EBITDA?
ECARX Holdings Inc. (ECX) had EBITDA of -$34.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is ECARX Holdings Inc.'s gross margin?
ECARX Holdings Inc. (ECX) had a gross margin of 19.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is ECARX Holdings Inc.'s operating margin?
ECARX Holdings Inc. (ECX) had an operating margin of -6.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is ECARX Holdings Inc.'s net profit margin?
ECARX Holdings Inc. (ECX) had a net profit margin of -7.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ECARX Holdings Inc.'s free cash flow?
ECARX Holdings Inc. (ECX) recorded an outflow of $106.6M in free cash flow during fiscal year 2025. This represents a -40.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is ECARX Holdings Inc.'s operating cash flow?
ECARX Holdings Inc. (ECX) recorded an outflow of $94.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are ECARX Holdings Inc.'s total assets?
ECARX Holdings Inc. (ECX) had $662.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ECARX Holdings Inc.'s capital expenditures?
ECARX Holdings Inc. (ECX) invested $12.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does ECARX Holdings Inc. spend on research and development?
ECARX Holdings Inc. (ECX) invested $123.3M in research and development during fiscal year 2025.
What is ECARX Holdings Inc.'s current ratio?
ECARX Holdings Inc. (ECX) had a current ratio of 0.59 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is ECARX Holdings Inc.'s return on assets (ROA)?
ECARX Holdings Inc. (ECX) had a return on assets of -10.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is ECARX Holdings Inc.'s P/E ratio?
ECARX Holdings Inc. (ECX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $367.7M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is ECARX Holdings Inc.'s price-to-sales ratio?
ECARX Holdings Inc. (ECX) trades at 0.4x sales, its market capitalization divided by revenue of $847.9M revenue, FY2025. The market capitalization is $367.7M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does ECARX Holdings Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, ECARX Holdings Inc. (ECX) held $179.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $94.4M over that year. Dividing the one by the other, the reported balance equals about 23 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is ECARX Holdings Inc.'s debt-to-equity ratio negative or not reported?
ECARX Holdings Inc. (ECX) has negative shareholder equity of -$282.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is ECARX Holdings Inc.'s Altman Z-Score?
ECARX Holdings Inc. (ECX) has an Altman Z-Score of -1.89, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is ECARX Holdings Inc.'s Piotroski F-Score?
ECARX Holdings Inc. (ECX) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are ECARX Holdings Inc.'s earnings high quality?
ECARX Holdings Inc. (ECX) reported a net loss of $66.0M while operations used $94.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can ECARX Holdings Inc. cover its interest payments?
ECARX Holdings Inc. (ECX) reported an operating loss of $54.8M against $23.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is ECARX Holdings Inc.?
ECARX Holdings Inc. (ECX) scores 21 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.